Century Aluminum Assessing Helguvik Smelter Financing Options
LONDON -(Dow Jones)- Century Aluminum Co. (CENX) said late Tuesday it is
assessing its financing options for the first phase of its Helguvik smelter
project in Iceland, which saw construction halt as the global economic downturn
took its toll on the banking sector.
"We are presently assessing our financing options for the project's first
phase," said company President and Chief Executive Logan Kruger.
"In addition, we are working with the key constituencies in Iceland to satisfy
the requirements for a full restart; toward that end, in August we signed an
Investment Agreement with the government of Iceland," he added.
The principal aim of the agreement is to secure certain stability within the
legal and operational environment of the aluminum plant, which is a prerequisite
for completing the financing of the project.
On Sept. 11, Century's Icelandic subsidiary Nordural said it had appointed BNP
Paribas SA (BNP.FR), Societe Generale SA (SCGLY) and ING Bank NV to serve as
exclusive structuring banks for financing the construction of Helguvik. The
banks will lead the effort to raise project financing from the international
debt markets.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@
dowjones.com
(END) Dow Jones Newswires
10-28-090446ET
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